Reserve Requirementson Foreign Currency Deposits in Sub-Saharan Africa : Main Features and Policy Implications

This paper reviews the reserve requirement arrangements of sub-Saharan Africa, focusing on the differences between reserve requirements on domestic- and foreign-currency deposits. The reserve requirement systems in sub-Saharan Africa are relatively simple and transparent, but in some countries high unremunerated reserve ratios impose a significant implicit tax on the banks. The currency denomination of the foreign-currency reserve deposits raises concern in countries undergoing large macroeconomic changes or experiencing exchange rate volatility.
Publication date: April 2002
ISBN: 9781451848694
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Finance , Finance , central bank , reserve requirement , monetary policy , inflation

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